Manufacturers Report No Growth in April

Philadelphia, Pa.- The Federal Reserve Bank of Philadelphia today released April’s Business Outlook Survey. Activity in the region’s manufacturing sector was flat again this month, according to the survey participants. Most of the main indicators were either only slightly positive or near zero. The manufacturers were more optimistic about the next six months than they were in March. In the special questions, manufacturers were asked whether they had experienced difficulty filling positions because applicants lacked sufficient skills.

“Indicators from our Business Outlook Survey suggest that manufacturing activity in the region was mostly flat again this month. Indexes for general activity, shipments, new orders, and employment all indicate little or no growth. Firms continued to report higher prices for inputs, although fewer firms reported that prices for their own manufactured goods had risen. The manufacturers’ outlook improved slightly in April; they expect activity to accelerate during the next six months."

This survey, which was started in 1968, gathers information on the manufacturing industry in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware. Participation in the survey is limited to manufacturing firms with plants in the area with more than 100 employees. The survey asks about the current pace of business in the participants' plants and their future expectations of business.

To arrange an interview, contact Katherine Q. Dibling, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released at noon on May 17, 2007, and will be made available on our website, and over PR Newswire. The aggregate historical data series is also available on the Bank's website.

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